The failure of two banks, one in California, the other in New York has rattled the banking industry and regulators.
South Dakota Senator Mike Rounds, a member of the Senate Banking Committee, says actions taken by the Federal Reserve and the US Treasury have calmed the situation.
Appearing on NBC’s “Meet the Press” on Sunday, Rounds said banks should have the tools they need to restore stability.
Rounds says they need to make sure that regional and local banks are able to compete.
The US Treasury moved in to underwrite the deposits in those banks over the $250,000 FDIC limit.